Bank of Kathmandu Ltd. launched “BoK Chetanshil Yuwa Bachat Yojana” today. The product is tailored for low income youth aged 10 to 22 with features such as low minimum balance, free lockable piggy bank and highest interest rate amongst its savings products. The bank will also ensure easy access to the product by offering the product related services at few selected venues like schools/clubs in addition to the bank’s branches. The product which was earlier piloted through its branches in Attariya, Surkhet, Bhaktapur and Gongabu will now be available at all its 43 branches across the country.
Traditional channels like television/radio/FM/newspapers will be used alongside street drama, orientation with stakeholders, and presentation/discussion at educational institutions to ensure that the youth not only understand the benefits of smaller savings but are also motivated to proactively save.
“BoK Chetanshil Yuwa Bachat Yojana” is being launched as a part of YouthSave project. YouthSave is a multi-country learning project that investigates the potential of savings accounts as a tool for youth development and financial inclusion in developing countries. Supported by The MasterCard Foundation, YouthSave is being implemented in Nepal, Colombia, Kenya and Ghana from 2010 through 2014. The project is an initiative of the YouthSave Consortium, led by Save the Children in partnership with the Center for Social Development at Washington University in St. Louis (CSD), the New America Foundation (NAF), and the Consultative Group to Assist the Poor (CGAP). An agreement was signed on 2nd November 2010 between Save the Children and Bank of Kathmandu Ltd. for the implementation of YouthSave in Nepal. During the project period, research partner New ERA will be studying the uptake and usage of the product.
The bank, which has been promoting saving habits among wider strata of society through tailored products and accessible channels, will aim to bring the marginalized and unbanked youth segment into the mainstream financial sector. Besides creating and encouraging saving habits amongst the youth segment it will also help the bank in fulfilling its corporate social responsibility towards one of the major pillar of the society, Youth.
|As on October 22, 2014|